Four Points to Ponder

Here is a video on BNN featuring Rob McLister from Canadian Mortgage Trends (he's a mortgage broker in Ontario).

He has some interesting points regarding shopping for your mortgage:

1. Only give your bank/broker one shot to give you their lowest rate. As their loyal customer, shouldn't you expect that your bank would give you their best rate upfront? If they don't, why stay with them? According to Greg MacPherson, banks have "invited this haggling by only revealing the lowest mortgage rate they will give you when you absolutely force them to by coming up with a better competing rate from across the street."If a mortgage broker gives you their best rate upfront with no haggling, why not give them your business? I disagree with taking a mortgage broker’s great rate and then running back to your bank and asking them to match it. Why would you reward the bank for not offering their best rate upfront?

2. Find a broker that works with all lenders. Mortgage brokers do not deal with RBC or BMO but most of the time we can get you a deal that's as good, if not better.

3. Ask about "No Frills" or "Quick Close" mortgages. No frills products will give you a lower rate but will limit the amount you can pay back every year. If you don't think you'll be making any extra payments on your mortgage, this may be a good option. Another great (and increasingly popular) product offered by lenders is the 30 day "quick close special". Many lenders will give you a lower rate on a five year fixed term if your mortgage closes within 30 days of your mortgage application.

Natalie Wellings: Edmonton Mortgage Broker

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About Independent Mortgage Brokers & Associates:

There are many benefits to using an independent mortgage broker to obtain mortgage financing.

1. I am independent. I can give you multiple mortgage options based on a variety of factors (rate isn't always the only important consideration).

2. Mortgage brokers deal with a variety of lending institutions and can quote rates and products from several lending institutions.

3. Mortgage brokers will work quickly and efficiently to help select a mortgage lender that meets your needs, guide you all the way through the application to the approval process, as well as offer personalized service and advice over the life of your mortgage.

4. The best part? The lenders pay me to set up your financing and send business their way so there is usually no charge for you to use an independent broker to arrange your financing!

If you require a mortgage, want a second opinion or have any questions in regards to mortgage financing, I would be pleased to assist you.

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About this blog:

The author of this blog, Natalie Wellings, is a licensed Mortgage Broker in the province of Alberta. The opinions expressed within this blog are those of the author and are simply that, opinions! The views expressed in this blog are not intended to advise you in any way, as your needs may differ depending on your particular situation. The information provided in this blog is not guaranteed to be accurate and is subject to change at any time. For legal advice/information, please consult a lawyer. For real estate advice/information, please contact a licensed Realtor. For tax advice/information, please consult an accountant. For investment advice/information, please contact a financial adviser.

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The information contained within this blog and posted by the author is believed to be true but cannot be guaranteed to be so. The author of this blog takes absolutely no responsibility for the comments posted by third parties on this blog.